Cyber for Plan Sponsors

The Cost of Cybercrime

11.23.2020

$6 trillion dollars! That’s how much money experts estimate cybercrime will cost the global economy in 2021! Get prepared. Secure practical solutions and support now.

A Ubiquitous Problem

The more we all work, relate and recreate online, the more data we make available, one way or another, for cybercriminals. Think about the data available in retirement plans, alone—and the money connected to it! Escalating cybercrime is no longer just a threat in the distance to prepare for—it’s here, upon all of us and our businesses.

International Investment reports:

According to data published by password management and authentication solutions company Specops, the US has been the victim of more cyber-attacks from hostile actors than any other nation in the world. The company sees cybercrime figures continuing to rise. Specifically, Specops reports that cybercrime can be expected to cost the global economy as much as $6trn per year by 2021, according to Cybersecurity Ventures.

Retirement plan sponsors: secure an affordable, full-service solution from a trusted leader in cyber liability insurance coverage—Colonial Surety Company.  Uniquely, Colonial provides plan sponsors with comprehensive ERISA bond packages. With your package, you receive a discount on ERISA bond coverage for your plan; Fiduciary Liability coverage for yourself as the plan sponsor; and, the option to add on Cyber Liability coverage.

In the event of a data breach to the company’s retirement plan, Cyber Liability insurance from Colonial provides services from forensic, legal, technology and customer care experts.

Get Colonials ERISA Bond Package With Cyber Insurance Now!

Increased Susceptibility

Cybercrime schemes and techniques continue to evolve. Use of fear about the coronavirus triggers clicks on malicious links. Password stealing malware is more prevalent. Credible replicas of official websites lure users to log in with their credentials. Stolen personal information is then used to submit fraudulent claims or requests. Think about any—or all of these tactics—in use against retirement plans.

It’s important to understand that it is not just the availability of more sophisticated techniques for stealing data that leads to increased cybercrime. Our increased vulnerability—living and working through a global pandemic and social upheaval—makes us more and more susceptible to the tactics of cyber criminals. As Alexander Urbelis, a Partner at Blackstone Law Group commented in International Investment.

“I believe that we are more susceptible to misinformation and ideological attacks because of the global Covid-19 health crisis, conflicting information about voting by mail, and chiefly because of how polarized, tribal, and generally intolerant we have become of each other as a society.”

Cybercrime, though technical in nature, is enabled by human behavior. Preventing it—and responding in the event of an attack, also requires human intervention. In addition to stepping up training and communication efforts with plan participants, plan sponsors can make sure they have experts at the ready in the event there is a crime involving the retirement plan data.

In the event of a data breach, retirement plan sponsors with Colonial Surety Company’s Cyber Liability Coverage receive:

  • Breach resolution and mitigation services
  • Computer expert services
  • Legal services
  • Public relations and crisis management expenses
  • Customer notification and call center services.

Colonial’s affordable ERISA bond packages provide extended coverage to ensure your ERISA bond remains US Department of Labor compliant. When you choose your package, don’t forget to include Fiduciary Liability insurance to protect yourself from covered acts as the plan sponsor. Colonial’s comprehensive ERISA bond packages offer up to $1,000,000 of fiduciary liability insurance coverage and provide the greatest protection and overall cost savings.

Colonial Surety Company is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed in all 50 states, the District of Columbia and most U.S. Territories.  Colonial has pioneered a simple digital and direct process that allows customers to instantly purchase bonds and insurance online: I-Bonds® are available for an instant quote and purchase.  You’ll be able to print or e-file your bond right from your desktop or mobile device.

Get Colonials ERISA Bond Package With Cyber Insurance Now!